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View Full Version : Board OKs $50 million in tax breaks for KC stadiums


Fire Me Boy!
06-29-2006, 11:40 AM
http://www.nbcactionnews.com/kshb/nw_local_news/article/0,1925,KSHB_9424_4810562,00.html

Board OKs $50 million in tax breaks for KC stadiums

JEFFERSON CITY, Mo. (AP) A state board signed off on a plan Thursday to provide $50 million in tax breaks for renovations to the Kansas City Chiefs and Royals stadiums.

A legislative proposal to direct money to the stadiums from the state's income tax on athletes and entertainers failed last year, so Gov. Matt Blunt backed a new plan to help fund the projects through these tax breaks.

Instead of going through the Legislature, it took approval by the state Department of Economic Development, which already has been obtained, and the Missouri Development Finance Board.

After hearing a presentation by Jackson County officials, the board approved the state aid to the $575 million project without a dissenting vote.

Rural Rep. Wes Shoemyer, D-Clarence, also addressed the board, saying he opposes spending state money for nicer stadiums when the state has pressing needs such as higher funding for education and health care.

The stadium deal calls for the Royals and Chiefs to come up with a total of $100 million themselves, plus $425 million from Jackson County and $50 million from the state.

To cover the local share of funding, Jackson County voters in April passed a 3/8-cent sales tax to renovate the stadiums, ensuring the teams would remain in Kansas City for at least 25 years.

The $50 million in state tax credits can be spread out over up to four years, starting with the state fiscal year that begins Saturday. The Chiefs will get $37.5 million of the tax breaks, and the Royals get the remainder.

(Copyright 2006 by The Associated Press. All Rights Reserved.)

hypersensitiveZO6
06-29-2006, 11:44 AM
The Royals shoudn't get anything.

StcChief
06-29-2006, 01:43 PM
The Royals shoudn't get anything.

Agreed. run 'em out of town with Glass on a rail :p
ROFL